Hawassa Industrial Park Housing Project Launched

Sep 18 , 2021

Cornerstone Development Group, a company engaged in real estate, has officially launched a construction project to develop housing for workers employed at factories in Hawassa Industrial Park. Lying on 21,000sqm of land, the project comprises 13 blocks that will house 6,500 employees. The project is slated to cost 600 million Br, and up to 15pc will be financed by Cornerstone, while the remaining amount will be covered by a grant extended by the German Development Bank and a loan from Zemen Bank. The project aims to address the lack of affordable housing in the area, where thousands of workers have to commute to work, spending hours on the road every day. According to the project managers, the dormitory blocks will be leased to companies that are already paying transport and housing allowances to employees, while some of the rent will be covered by the employees themselves. Established in 2017 and specialising in textile manufacturing, Hawasa Industrial Park has a labour force of close to 35,000.


DDR Initiative Gets 16m Boost

A 16 million euro initiative to facilitate the disarmament, demobilisation, and reintegration (DDR) of nearly 370,000 ex-combatants was launched last week. Financed by the European Union (EU) the program will be implemented across eight regional states. It is overseen by the National Rehabilitation Commission (NRC), the agreement was signed at the Ministry of Finance's headquarters on King George St. Key figures including Semereta Sewasew, state minister for Finance; Teshome Toga, commissioner...


Central Bank Launches Youth Enterprise Forum

A financial education program targeting youth and Medium & Small Enterprises (MSMEs) was launched by the National Bank of Ethiopia (NBE) last week. It aims to equip interested trainees with personal and professional knowledge through experts from banks and microfinance institutions who will provide comprehensive training. The training modules, developed in collaboration with The First Consult and BRIDGE, cover several angles of financial literacy, including deposits, digital financial servic...


ArifPay Takes a Leap with Massive Capital Boost

Shareholders of ArifPay Financial Technologies S.C. have taken a significant stride by resolving to raise the company's paid-up capital to 300 million Br. The decision doubles down from the current 140 million Br marking a substantial increase. ArifPay, was established by 142 shareholders and secured the distinction of being the first payment operator licensed by the National Bank in 2021. CEO Bernard Laurendeau emphasised the critical timing of this capital increase, aligning with the company...